Billionaire Bill Ackman Says Bitcoin Could Skyrocket To Infinity in Economic Collapse Scenario

Billionaire Bill Ackman says that Bitcoins (BTC) potential could be limitless in the case of an economic collapse.

In a new thread on the social media platform X, the chief executive of hedge fund Pershing Square Capital Management says that the crypto king could create an endless loop that sees its price go up infinitely.

A scenario:

Bitcoin price rise leads to increased mining and greater energy use, driving up the cost of energy, causing inflation to rise and the dollar to decline, driving demand for Bitcoin and increased mining, driving demand for energy and the cycle continues.

Bitcoin goes to infinity, energy prices skyrocket, and the economy collapses.

Maybe I should buy some Bitcoin.

Responding to Ackman, Michael Saylor, a longtime BTC proponent and the current executive chairman of software development firm MicroStrategy, says that while Ackman is right to want to accumulate BTC, hes off target about its impact on the price of electricity.

You should buy some Bitcoin, but not for the reasons cited above. Most Bitcoin miners are driving the cost of electricity down for other consumers, not up. Let me know if you would like to discuss one on one.

Bitcoin is trading for $68,592 at time of writing, a 1.25% decrease during the last 24 hours.

In November 2022, Ackman flipped his stance on digital assets. Back then, the billionaire said that cryptos ability to be used fraudulently initially made him question the general validity of the asset class.

However, he says that the decentralized wireless network Helium (HNT) made him realize that crypto assets can have intrinsic value.

Don’t Miss a Beat Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

This article was originally reported on The Daily Hodl.